TOP NEWS: Glencore taps Kalidas Madhavpeddi as chair; Hayward retires

(Alliance News) - Glencore PLC on Monday said Kalidas Madhavpeddi will take over the role of ...

Alliance News 5 July, 2021 | 8:39AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Glencore PLC on Monday said Kalidas Madhavpeddi will take over the role of chair, as Tony Hayward plans to retire.

The Baar, Switzerland-based miner and commodities trader said Madhavpeddi will succeed Tony Hayward from July 30.

Hayward, the former chief executive officer of oil major BP PLC, was appointed to the board at the time of the miner's initial public offering in 2011, taking up the role of chair in 2013.

"Following consultation with the company's largest institutional shareholders it was agreed that [Hayward] would retire as chairman within the year after our last AGM, following a second extension of his tenure beyond 9 years on the board," Glencore said.

Madhavpeddi has been on the Glencore board since February 2020 and has over 40 years of experience in the international mining industry, the company added.

The FTSE 100-listed firm said Madhavpeddi is currently a non-executive director of Novagold Resources, Trilogy Metals and Dundee Precious Metals, which are listed on the Toronto Stock Exchange. From 2008 to 2018, Madhavpeddi was chief executive of metal and phosphate miner China Molybdenum International.

"As the world transitions to cleaner forms of energy and mobility, our portfolio of commodities will allow Glencore to play a key role in helping us achieve the goals of Paris and play a key role in the ongoing energy and mobility transition," said Madhavpeddi.

Last Monday, Glencore said it had agreed to buy out its Cerrejon coal mine joint venture partners, Anglo American PLC and BHP Group PLC, for USD588 million.

In its announcement last week, Glencore noted the implications the deal might have for its commitment to achieve the goals of the Paris Agreement on climate change.

"Disposing of fossil fuel assets and making them someone else's issue is not the solution, and it won't reduce absolute emissions," said Glencore CEO Ivan Glasenberg

"We are confident we can manage the decline of our fossil fuel portfolio in a responsible manner that is also consistent with meeting the goals of the Paris Agreement, as demonstrated by our strengthened total emission reduction targets," added Glasenberg.

Shares in Glencore were trading up 1.0% at 318.30 pence each in London on Monday morning. The stock was up 0.6% in Johannesburg at ZAR62.74.

By Scarlett Butler; scarlettbutler@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
BP PLC 331.30 GBX 3.47
Glencore PLC 336.55 GBX 1.83

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2021 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies       Modern Slavery Statement